Protocol to DTA between Austria and Canada signed
A second protocol to the Austria –Canada Income Tax Treaty which was signed on 1 March 2012 will enter into force on 1 October 2013. The protocol contains provisions for the exchange of tax information and will have effect in accordance with the
See MoreCanada – Way of taxation in foreign affiliates
The draft legislation has released by Canada’s Department of Finance on July 12, 2013, including provisions concerning the taxation of foreign affiliates and non-resident corporations without share capital, the foreign currency election,
See MoreCanada: Extended CIT return deadline
Businesses in parts of Canada including Alberta have recently been affected by extreme weather conditions. This has caused damage to premises and delays in completing administrative tasks. In response to this problem the Canada Revenue Agency (CRA)
See MoreCanada: Extra GST/HST return for large businesses
Certain large businesses, in addition to filing their regular GST/HST returns will have to face an extra GST/HST (goods and services tax / harmonized sales tax) filing requirement on June 30, 2013. Employers offering registered pension plans to
See MoreCanada – Tax-related interest rates for 2014
It was announced by the Canada Revenue Agency (CRA) that tax-related interest rates for taxable credits and for tax overpayment and underpayments for the third quarter of 2013 (July 1- September 30) will remain unchanged for this year and the rates
See MoreCanada: Reforming Temporary Foreign Worker program
Currently, Canadians have raised concerns about the Temporary Foreign Worker Program. A review of the Temporary Foreign Worker Program has been incorporated in the Economic Action Plan 2013 and legislation has been enacted to change the rules. It
See MoreCanada – 2013 budget announcements
The Canadian budget proposals for 2013 were announced on March 21, 2013. The proposals include measures to combat tax evasion and to provide some help for companies in the manufacturing and mining sectors. There is no change to the corporate tax
See MoreCanada: CRA issues transfer pricing memoranda
The Canada Revenue Agency (CRA) has to follow the OECD Guidelines when performing transfer pricing audits. Two new transfer pricing memoranda (TPM-13 & TPM-14) have been issued. TPM-13 deals with referrals to the Transfer Pricing Review
See MoreHong Kong and Canada sign DTA
An extensive double taxation agreement between the Government of Canada and the Government of the Hong Kong was signed on November 11, 2012 for the avoidance of double taxation. According to agreement, the rate of withholding for dividends paid
See MoreCanada begins negotiations with the United States towards a Protocol
The Canadian government announced on November 8, 2012, that it had begun negotiations with the United States towards a Protocol to their double taxation agreement (DTA) to enhance the countries' capacity to exchange tax
See MoreDTA between Canada and Hong Kong
According to the Hong Kong Inland Revenue Department, on November 11, 2012, Hong Kong and Canada signed a comprehensive
See MorePoland’s lower house of parliament approves law to ratify DTA with Canada
On October 10, 2012, Poland's lower house of parliament approved a law that would ratify the pending double taxation agreement (DTA) and an accompanying Protocol the nation signed with
See MoreTIEA between Canada and Costa Rica entered into force
The tax information exchange agreement (TIEA) signed between Canada and Costa Rica on August 11, 2011, entered into force on August 14, 2012, the Canadian Ministry of Finance confirmed on August 20,
See MoreCanada: welcomes IRS tax return help
Canadian Finance Minister has welcomed the US government's decision to help dual citizens residing in Canada deal with their US tax filing obligations. The Internal Revenue Service (IRS) will also offer assistance to those with Canadian retirement
See MoreNew DTA signed between New Zealand and Canada
The double taxation agreement (DTA) signed between New Zealand and Canada on March 3, 2012, which replaces the existing DTA signed between the two countries, was forwarded to New Zealand's parliament on June 18, 2012, as part of the nation's
See MoreCanada and Poland signed a Protocol to amend the existing DTA
On May 14, 2012, Canada and Poland signed a Protocol to amend the existing 1987 double taxation agreement (DTA). The Protocol in particular lowers the rates of withholding tax applicable under the
See MoreCanada Promotes Budget’s Trade Benefits
Canada's 2012 Budget will help expand trade and open new markets for businesses, the Minister in charge has said. Ted Menzies, the Minister of State (Finance), spoke at the Economic Club of Canada in Ottawa to promote the benefits of the new Budget,
See MoreBudget deficit is shrinking in Canada
According to the latest Fiscal Monitor published by the Canadian Ministry of Finance the Canadian monthly budgetary deficit has fallen remarkably per annum. According to them the revenue increased by 8.1% each year as a result of higher personal
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